51% rally in 2026 so far! ICICI Direct sees 28% upside potential in this defence stock - Do you own? Check target price

Azad Engineering shares have risen about 51% in 2026, but ICICI Securities sees up to 28% further upside and retains a Buy rating, with a revised target of ₹3,100. Potential delivery of a second engine to DRDO and aerospace expansion could support growth.